In-House Tax Provision

Published: 14 August 2012

In a world of economic change Tax is increasingly becoming an important discussion point in the boardroom. Tax Planning affects and incorporates the whole business, representing one of the biggest reputational risks and hence a priority at the forefront of key decision making.

Companies of all sizes are recognising the value and importance of having in-house specialists. Having a strong Tax specialist within the organisation means costly Big 4 fees can be avoided. With changes in the rules and regulations governing Taxes, and an increasingly strong relationship with the sharing of information between Tax Authorities and Customs officials, there is more of a need to have a team of internal tax specialists. These specialists can deal with the day to day transactional issues and detail these authorities want. Finance Directors now take personal responsibility for signing Tax returns making it more vital for them to have internal processes and procedures in place to ensure accuracy.

Many organisations now hire highly skilled professionals who are experts in their field. Individuals working in an in-house capacity are able to develop a much stronger understanding of their business than many advisors can. This in-depth knowledge saves time and money when making decisions on what the business strategy should be, proving to be more valuable than instructing a team of professional advisors with rudimentary knowledge of the business.

In-house tax roles attract technical experts who are looking for a more diverse role and the opportunity to apply their technical knowledge in a ‘live’ business arena. Having a senior in-house role allows Tax specialists to develop their skills much more commercially. Adding this commercial acumen to strong technical knowledge can prove to have a significant impact on a companies Tax strategy.

Over the past few years we have seen some notable FD and CFO appointments by large corporations from their in-house Tax teams, recognising the value and experience of in-house technical tax experts.

Getting the right In-house specialist is vital as they inevitably become a key player in driving business strategy. An in depth knowledge of Tax and a strong network is required to recruit the right individual.

To discuss recruitment needs and resource planning for your Tax team please contact;